05Apr
By: Ryan Ponce On: April 5, 2017 In: Downtown San Diego, Market Update Comments: 0

April 2017

Surprisingly, the number of homes sold in 92101 has continued to decline. We had a -7.1% change when compared to quarter 1 of 2016 and a -24.8% difference in the number of sales when compared to the previous quarter. The good news is that inventory is finally growing if you’re a buyer. In at the end of quarter 4 of 2016, there were hardly any options on the market (119 to be exact). Today we have 200 listings in 92101. That is a 68% increase in the amount of property that is on the market! While we anticipate a large jump going into the new year, this is much larger then average.

I predict we will see the number of sales grow back to 200+ per quarter for the remainder of the year. There are currently 95 properties in escrow, most of which will close this next quarter. When we look back at the end of quarter 4 of 2016, there were only 53 properties in escrow. That is right in line with the average number of homes sold in Quarter 1 (52.67).

It is a great time to be a seller! In this market, it is extremely important to use a professional. Simply selling your home is easy, but the goal is to net the most money possible. Find out what common mistakes sellers make when selling their property in Downtown San Diego so you can save yourself both time and money!

As a buyer in this highly competitive market, it is extremely important to work with a professional who knows the downtown neighborhoods! It could cost you the opportunity to own that perfect home you were looking for.

All Downtown

Homes Sold

3 Months - 158 Homes
6 Months - 383 Homes
12 Months - 931 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$200,000-$399,999

The amount of inventory doubled from the Quarter 4 of last year to Q1 of this year. We went from a 1.44 month supply to a 2.85 month supply. The number of sales also decreased by 25.9%! That is a large reduction. The number of listings on the market to end the previous quarter jumped up by 46.2% and the number of properties in escrow rose by 90%!

Homes Sold

3 Months - 40 Homes
6 Months - 98 Homes
12 Months - 237 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$400,000-$599,999

The number of properties to sell in this price range also dropped, but not as significantly. There was a 17.8% decrease in the number of sales. That should change drastically in quarter 2 though. Entering into 2017, there were only 19 listings in escrow, but going into quarter 2 there are 40! That is a 110.5% increase! This typically gives us an insight to the trend for the next quarter.

Homes Sold

3 Months - 60 Homes
6 Months - 138 Homes
12 Months - 358 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$600,000-$799,999

The number of sales in this range plummeted from 51 sales in Quarter 4 of 2016 to only 23 in Quarter 1 of 2017, which is a 54.9% drop in the number of sales! This caused the segment to shoot up to a 6 month supply, which insinuates that it is a balanced market. The number of available listings went from 22 listings to 46, which is over double.

Homes Sold

3 Months - 23 Homes
6 Months - 76 Homes
12 Months - 166 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$800,000-$999,999

This range took one of the largest hits. We went from selling an average of 7 homes per month, down to an average of just 3.33 homes. That is a 52.3% reduction in the number of sales for the quarter. While there was a huge reduction in the number of sales, there was also a large drop in the available listings. We went from 19 available in Quarter 3, down to only 10 options in Quarter 4. I expect to see a rebound in this range in Q1 of 2017.

Homes Sold

3 Months - 9 Homes
6 Months - 22 Homes
12 Months - 64 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$1,000,000-$1,499,999

The number of sales in this category actually rose by 50%! This was the most improved segment of the market as far as the number of sales, but there are quite a few new listings as well. We went from 16 options to 30 available options and there are less homes in escrow. Despite the rise in the number of sales, there was also a rise in inventory.

Homes Sold

3 Months - 21 Homes
6 Months - 36 Homes
12 Months - 73 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$1,500,000-$2,499,999

This segment struggled a bit in the last quarter and the amount of inventory doubled due to decrease in the number of sales. There are currently 10 listings available at the moment and there are 2 properties in escrow.

Homes Sold

3 Months - 4 Homes
6 Months - 11 Homes
12 Months - 26 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

> or = $2,500,000

The amount of inventory doubled in this range. There are 10 available options and we have only been averaging 1 sale per quarter over $2.5mil. The one property that is in escrow is our Sapphire Tower #2402 listing, which was only on escrow just over one month. Well listed property does sell, but it does require great marketing and a proper pricing strategy.

Homes Sold

3 Months - 1 Home
6 Months - 2 Home
12 Months - 7 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

*All information is deemed reliable, but not guaranteed. Information obtained through the Sandicor MLS on March 3rd, 2017.

And Always Remember, It Matters Who You Work With!

Give me a call today at (619) 228-6790 or email me at Ryan@livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!

What’s Your Home Worth?

Find the market value of your home for FREE!

Name (required)

Email (required)

Property Address (required)

Leave reply: